Hoyer Statement on GDP for Second Quarter 2011

WASHINGTON, DC - House Democratic Whip Steny H. Hoyer (MD) released the following statement on the advance estimate of the GDP for the second quarter of 2011:

“Today we learned that our economy grew by 1.3% in the last quarter, which is clearly not strong enough, even after eight straight quarters of growth. As growth has slowed, it is disappointing that Republicans have yet to present a comprehensive jobs plan to get Americans back to work. Unlike Republicans, Democrats have a plan: the Make It In America plan to strengthen our manufacturing sector, create jobs, and help American families succeed. We hope Republicans will join us in passing legislation to revitalize American industry and the middle-class jobs it creates.

“Today’s report also shows how truly reckless it is that Republicans are holding our economy hostage by refusing to pay our bills unless Congress enacts their extreme, ideological agenda. Default would be catastrophic for our economy, destroying jobs, raising interest rates on everything from credit cards to auto loans to mortgages, and crippling a recovery that, as today’s news confirms, is already disappointingly slow. Democrats have compromised significantly on a balanced, bipartisan plan to pay our bills and control our deficit. It’s time for Republicans to join us on a compromise solution that can end this crisis and put our economy on a path of stronger growth.”